17.05.202110:50 Forex Analysis & Reviews: Trading recommendations for starters of EUR/USD and GBP/USD on May 17, 2021

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Here's the details of the economic calendar for May 14:

There were American statistics last Friday, where traders could observe very high indicators. However, the market did not react to them in any way.

So, the volume of US retail sales increased by 51.22%. It may seem somewhat unrealistic, but it can be recalled that we are dealing with indicators year-on-year, and what did we have last year in this period? Lockdown. In simple words, we have a low base effect.

The volume of US industrial production (yoy) could also surprise many traders with its growth from 1.04% to 16.49%, but the reason for such outstanding indicators is already known to us.

Analysis of trading charts from May 14:

The EUR/USD pair showed quite active upward interest last Friday. As a result, the euro exchange rate recovered from the decline on May 12.

The trading recommendations from May 13 considered sharp movement in case of breakdown of one or another border of the variable range of 1.2050/1.2106. A confirmation of the upward deployment is the breakdown of the level of 1.2106 and price consolidation above the level of 1.2115, as indicated in the recommendation of May 14.

Meanwhile, the British currency did not lag behind its European counterpart and also showed an upward interest, which led to a breakdown of the level of 1.4085, indicating a strengthening of the upward interest.

The trading recommendations on May 14 considered the growth of the volume of long positions if the level of 1.4085 is broken. Thus, we managed to move ahead of the market.

Trading recommendation for EUR/USD and GBP/USD on May 17, 2021

Today, there will be no publication of sufficiently important statistical data, so the market will be more focused on technical analysis.

Looking at the EUR/USD trading chart, it can be seen that there is still an upward interest in the market, which could lead to a movement towards the resistance level of 1.2180.

The main volume of long positions will come after the price is held above the level of 1.2180 in the H4 time frame, since the repetition of the regular basis of the past associated with this area is not excluded.

As for the GBP/USD trading chart, it shows the update of last Friday's high during the start of the European session. If the upward interest is maintained, a possible price movement towards the level of 1.4165 cannot be ruled out.

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